This module is part of the course Renewable and non-renewable sources and their economics, an interdisciplinary program that integrates geology and economic principles to analyse the optimal use of resources.
The module provides students with a comprehensive and contemporary analysis of the major areas of natural resource and environmental economics, balancing theory, applications, and examples to provide a rigorous grounding in the subject.

Students are invited to consult the syllabus of the entire course for details regarding learning- and skill-related objectives.

This course introduces the principles of Resource Economics with a strong emphasis on policy applications. We begin with a brief recap of fundamental economic concepts used in the course, in particular the treatment of time and dynamics and the microeconomic foundations of environmental and resource economics, exploring the complex relationship between the economy. On the macroeconomic side, we will explore the concepts of the limits of economic growth and sustainable development. We examine the strengths and limitations of markets in promoting social welfare and study how policy instruments can address market failures through microeconomic tools, within the context of natural resources. The course also covers the specific methods devised to model various types of resources, and to assess their relevance and criticalities from society’s point of view. Finally, students will engage with applications and case studies on selected topics, including energy economics and geopolitics, the relevance of resources for climate change economics and policy, and the intersection of development economics with the use of resources.

At the end of the course, students will be able to:
• Demonstrate familiarity with the fundamental concepts of microeconomic theory needed to understand the functioning of the economic system, the behaviour of agents, the market mechanism, and situations where markets fail, and apply these concepts to solve microeconomic problems.
• Know basic tools for resource policy evaluation and recognize its use in academic papers.
• Identify resource-related issues in specific contexts, propose potential policy solutions, assess their effectiveness using scientific evidence, and communicate findings clearly using appropriate technical terminology
• Get a grasp of the big picture, in particular, how resources, climate economics and policies are intertwined